ADVOKS GLOBAL · KENYA
The Capital Markets (Derivatives Markets) Regulations
23. Appointment of chief executive officer
Edition: 2025-02-14 · In force
23. Appointment of chief executive officer
(1)A derivatives exchange may change its chief executive with the prior written consent of the Authority and in accordance with any conditions that may be imposed by the Authority.(2)A derivatives exchange shall, subject to the guidelines issued by the Authority from time to time, determine the qualification, manner of appointment, terms and conditions of appointment and other procedural formalities associated with the appointment of the chief executive officer.(3)The tenure under any contract for the chief executive officer of a derivatives exchange shall not be less than three years and not exceeding five years:Provided that the tenure of office of the chief executive of a derivatives exchange may be renewed for one further term.(4)No person shall be appointed as the chief executive officer of a derivatives exchange if the person is—(a)a shareholder or an associate of a shareholder of any derivatives exchange; or(b)a shareholder or an associate of a derivatives broker.(5)The board of a derivatives exchange may, with the prior approval of the Authority, terminate the appointment of its chief executive officer—(a)if the chief executive officer fails to comply with the articles of association of the derivatives exchange; orto give effect to the directions, guidelines and other orders issued by the Authority, under the Act or these Regulations.(6)The Authority may on its own motion, terminate the appointment of a chief executive officer of a derivatives exchange if the Authority considers it to be in the public interest:Provided that the Authority shall not terminate such services without giving the chief executive officer a reasonable opportunity of being heard.